Dollar-Yen Falls To 15 Year Low As Stocks Relatively Overpriced Beyond Recognition
The USDJPY has just dropped to a 15 year low as the market is in full risk-off mode, hitting 83.54. Philip Hildebrand is also seeing black and blue as the EURCHF approaches all time lows, now that the BoJ once again let matters into other central bankers' hands.
In the meantime, based on funding correlations (AUDJPY and Curve Butterfly) stocks are so mispriced here, it is just getting ridiculous: ES is easily 20 points rich to correlation intrinsic values. There appear to be no viable correlation desks left in the world, willing to take on the Fed's now grotesque mispricing of the stock market.